Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $187,761
- Funds due
- $199,342
- Interest + MI left
- $138,215
- First ends
- Sep 2050
Assumption
Assumption + second
$2,915/mo
+$1,057/mo- Down payment
- $43,761
- Funds due
- $56,876
- Interest + MI left
- $374,598
- First ends
- Sep 2050
New loan
New conventional
$3,149/mo
+$1,291/mo- Down payment
- $43,761
- Funds due
- $53,604
- Interest + MI left
- $571,764
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,039 | $247,039 | $391,039 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,233.47 | $1,233.47 | $2,649.03 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $203.05 | $203.05 | $78.21 |
| Taxes, insurance & HOA | $421.92 | $421.92 | $421.92 |
| Total housing payment | $1,858.44 | $2,915.06 | $3,149.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,761
Closing costs & prepaids$13,115
Usable credit−$0
Total buyer cash needed$56,876
Earnest money paid−$0
Remaining funds due$56,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,348.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$521.75
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$192.49
Prepaid interest, second (9 days)$284.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 9 moOf the original 30-year loan at 3.16%
Interest already paid$52,884Through Dec 2026
Assumption only · ends Sep 2050$138,215
Assumption + second · ends Sep 2050, second Jan 2057$374,598
New conventional · ends Jan 2057$571,764